Regent Adams queried whether the University currently had a policy that dictates how long an account can remain outstanding before it is reported to collections.

President Akakpo asked Dr. Dixie whether outstanding debts of $500 or less were exempt from being sent to collections.

Regent Moyer inquired as to the number of students being turned over to collections who are seniors, and wondered whether they had dropped out of school in their junior or senior years and were more than halfway to receiving a degree.

Regent Walston noted the seemingly small percentage of debt that has been collected compared to the amount of debt sent to the collections agency, and asked what percent of students are returning to work on reducing their debt.

Regent Fletcher requested Ms. Tolbert to explain the process of debt accrual (including how students end up accruing this debt and the policy on allowing a student to continue at KSU who is not able to pay), as well as the process of trying to obtain assistance through scholarships, the Foundation, or student loans.

Regent Fletcher also sought clarification that University policy allowed some students to be admitted to KSU who had not paid and did not have a written agreement in place to pay. Ms. Tolbert responded that past policy had allowed this. However, a new collection policy has been written, though it has not yet been officially approved.

Regent Fletcher further asked whether all students were subject to the same admissions process and how it was possible for a student to be admitted who hadn't paid. President Akakpo explained that many previously broken processes are being rebuilt, especially in the areas of admissions and financial aid. Regent Fields provided additional perspective regarding KSU's past admissions practices.

Regent Fletcher asked whether there were students coming into the University who were unable to qualify for any of the several types of financial aid offered by KSU such as scholarships, Foundation funds, or regular student loans.

Regent Walston inquired whether the Foundation indicated why they stated to Dr. Akakpo that they could not tell him the amount of scholarship funding they would be able to provide for FY 24.

Chair Hatchett thanked Ms. Walker and Ms. Tolbert for their presentation.

Controller Walker presented this agenda item. Ms. Walker reported that FY 23's actual total E&G revenue was $31,784,769, with E&G expenditures for FY 23 totaling $34.5 million. Moving ahead to FY 23 auxiliaries, Controller Walker reported $7.8 million in auxiliary revenues and $5.8 million in auxiliary expenses.

Overall FY 23 closed out with a deficit of $734,141.